According to the government cabinet, Egypt has set a procurement price of 820 Egyptian pounds ($52.36) per ardeb (150 kilograms) for wheat bought by the government from local farmers ahead of planting for the new season.
With this announcing before planting season, the government hopes that farmers will decide to sow more, as wheat prices have surged globally.
Indeed, this new price, for at 23.5% purity wheat, represent an increase around 13% from that announced in March.
That means, almost $30 higher than the international market, according to some traders.
However, this new price it should compare to that of imported wheat, also considering given rising fertiliser and other costs.
($1 = 15.6600 Egyptian pounds).
